Head of the Department for Financial Markets Development at the RA Ministry of Finance Karen Tamazyan said that 187 mortgage loans have been granted since the launch of Affordable Housing for Young Families program six month ago in Armenia.

131 and 56 loans have been provided in Yerevan and Armenia’s regions respectively, Tamazyan told a press conference.

“The total amount of allocated loans makes AMD 1.5bln, while the amount of subsidies totaled AMD 30mln. Another 33 loan applications at the amount of AMD 231.5mln are in process of consideration,” he said.

The average amount of provided loans made AMD 8.2mln, the average term of loans – 12.4 years, average interest rate – 10.3%.

Tamazyan recalled that recently the government has reviewed the terms for lending under the program.

Specifically, the state’s assistance for residents of regions used to total 2% out of the granted loan, while currently this figure makes 4%.

Besides, the initial installment for a dwelling in Armenia’s regions will total 10% against previous 30%.

13 Armenian banks and 3 credit organizations participate in Affordable Housing for Young Families program.